Bitcoin price stops rising, stays over crucial $62,000 barrier. BTC dealers seem impartial, according to on-chain statistics. US spot Bitcoin ETF inflows fell week-over-week.
After rising over 7.5% last week, Bitcoin (BTC) stabilizes above $62,000 on Monday. On-chain data suggests BTC traders are indifferent as more bet on Bitcoin's price climb. Bitcoin ETFs in the US saw a modest drop in inflows week-over-week.
Institutional inflows fell somewhat last week. From the second to third week of September, Coinglass data showed US spot Bitcoin ETF inflows falling from $403.90 million to $397.20 million. The 11 US spot Bitcoin ETFs have $50.68 billion in Assets Under Management, so this 1.66% drop is tiny. Bitcoin Spot ETF Net Inflow
On Twitter, CryptoQuant founder and CEO Ki Young Ju said, “Bitcoin hashrate dominance is shifting to US mining companies.” Mr. Ju said, “Chinese mining pools operate 55% of the network, while US pools manage 40%.”Since US pools serve institutional miners, this hashrate transfer may be good for Bitcoin. In contrast, Chinese pools encourage smaller Asian miners.
Bitcoin increased 3% in four days after breaking an upward trendline and the 100-day Exponential Moving Average at $61,000 on Wednesday. BTC stopped rallying over the weekend but held $62,000, a crucial threshold. On Monday, it trades about $63,340.
If psychological support of $62,000 holds, BTC might rise again and retest its daily resistance level of $65,379.
A bullish MACD crossing on the daily chart supports Bitcoin's climb. September 12 saw the MACD line (blue line) rise above the signal line (yellow line), signaling a buy. Histogram bars, even those in green above the neutral line zero, are retreating, signaling upward momentum is diminishing.
On the daily chart, the Relative Strength Index (RSI) is falling toward 60, indicating a drop in bullish momentum.
